|
80/15/5 - This is a loan which carries
a second mortgage for up to 15% of the purchase price of the
property. It is usually used when wishing to avoid PMI insurance
or to keep your first mortgage under the FNMA/FHLMC limit
to avoid Jumbo rates. The borrower puts down a 5% down payment
and then finances a first mortgage up to the FNMA/FHLMC limit
and a second mortgage of up to 15% of the purchase price.
Other variations are 80/10/10 or 75/15/5. back
to top
|
|
JUMBO LOANS - Offers 30 and 15 year
fixed rate mortgage and competitive ARM products with full
document, alternate documentation and limited documentation.
Cash out and No cash out refinance are allowable.
Single family detached, Condo’s, PUD’s and single-family
second homes can be financed with no prepayment penalty.
back to top
|
|
107% DOWN PROGRAMS
– 0% Down payment required and closing costs can be financed
up to 107% of the purchase price. Only single-family homes
that will be owner occupied are eligible. First time homebuyer
status not required and there are no income limits. back
to top
|
|
ZERO DOWN PROGRAMS – Same as above only
the borrower pays for closing costs or can have the seller
contribute up to 6% towards closing costs. back
to top
|
|
NO DOC/STATED INCOME - Loans where your
income is not requested or verified with as little as 10%
down are stated income loans. There are several varieties
of the "no-doc" loan today. Basically the type of
loan that is best suited for a particular borrower depends
on that borrower's situation. Some borrowers choose not to
disclose employment, income or asset information, while others
may be willing to disclose employment and asset information
but not income. Still others might be willing to disclose
even income but select a program that doesn't calculate debt-to-income
ratios allowing those borrowers to exceed the traditional
guidelines in order to qualify for a larger mortgage amount.
With all the different variations of the no-doc loan, there
is definitely a mortgage program for today's non-conventional
borrowers. back to top
|
|
FLEX 97% - Similar to FHA but without
maximum mortgage amount limitations. Must be a single family,
owner occupied home and borrower must have a credit score
of over 680. back to top
|
|
A- THRU D LOANS – These mortgages
are for the credit challenged. They can vary from slightly
damaged credit to severely damaged. Whatever the situation
we have a mortgage that will get you back on track. back
to top
|
|
2nd MORTGAGE LOANS – Subordinate
to the first mortgage these loans offer the borrower the ability
to get money for home improvement, debt consolidation or many
other reasons without disturbing their first mortgage. Convenient
when you have a low interest first mortgage. back
to top
|
|
125% 2nd MORTGAGE – Same as
above but the 2nd mortgage we will lend up to 125%
of the value of the home. back to top
|
|
HIGH DEBT RATIO LOANS - Borrowers having
the ratio of their monthly bills to their monthly income higher
than 50% is considered a high debt ratio. Loan programs
are available for these borrowers, allowing them to finance
the purchase of a home or property. back to
top
|
|
INVESTOR LOANS – Used to finance 1-4
family properties that will be for investment with as little
as a 10% down payment. Aggressively priced these programs
have many variations such as NO DOC, LIMITED DOC and FULL
DOC. PROGRAM NOT AVAILABLE IN NEW YORK. back
to top
|
